BBVA Asset Management picks Markit for EDM platform
BBVA Asset Management has chosen an enterprise data management platform from Markit, which will act as hub for its securities, portfolio, fund, issuer and position data in several countries, including Spain and Mexico.
BBVA is the second-largest bank in Spain and operates in 40 countries, with a particular emphasis on South America, which speaks Spanish. It is also active in Portugal and Italy.
The Markit platform will be used to manage multiple data sets centrally, ostensibly making it easier for the asset manager to handle growing data demands from customers and regulators. The data will also be traceable for auditing purposes. Markit was among several competing firms and was chosen, according to the firm, for its flexibility and customer references.
“Financial services firms are turning to enterprise-wide data management initiatives in a bid to cut costs, streamline operations and minimise operational risk,” said Daniel Simpson, managing director and head of enterprise software at Markit. “What resonates is our ability to provide a holistic view of clean, high-quality data from a central hub. BBVA’s global implementation of Markit EDM will allow the firm to centralise its data across continents to use it as a strategic advantage.”
Big data has become a fixture of discussions on banking for many years. The term typically refers to the need for businesses to process and store ever-expanding quantities of information. More recently, it has also become more strongly associated with firms taking hold of vast quantities of information, such as input from social media or previous transactions, and using the information to help inform decisions and target potential customers.